After seeing 2 breaks above resistance and now sellers appear to be pushing price backdown I am going to be setting a sell stop with a target TP of the previous support and an SL above the previous high
We can see GBPCAD forming highs however failing to break levels. I am expecting to see a stop hunt then movements to the downside. I will be looking for to place a sell stop once price starts heading to the downside.
We can see a very clear zone of liquidity, the rise we are currently seeing leads me to think there is a stop hunt happening, once this starts to reverse I will be going short and aiming for the previous low.
Price looks like its breaking through the uptrend we've seen for a while now. If we see confirmation of this I will be entering a short position with a sell limit (if price re-tests / pulls back to the trend line). There will be 2 TPs in areas we've seen price previously respect.
On the other hand, this could just be a bit of a fake breakout meaning it would be...
GBP/JPY is currently on it's 3rd touch of resistance. I am hoping to see bears come into the market, once the 4HR candle closes I will look to enter a short. GBP/JPY is also following an ascending triangle formation so it is possible bulls could push price above and make this setup invalid.
EUR/CHF has been in a 100 pips range since July 2020. Is it now coming to an end? I can see an ascending triangle forming indicating stronger buying pressure. It's possible we could see price return to the 1.10500 area.
Id like to hear other peoples thoughts on this.
Price has created a support, I am thinking market movers will be going for a stop hunt then price will go and retest the resistance.
I will be waiting too see if price shows reversal signs before placing an order.